CrossAmerica Partners LP Reports First Quarter 2024 Results
CrossAmerica Partners LP reported a Net Loss of $17.5 million in Q1 2024, with Adjusted EBITDA of $23.6 million and Distributable Cash Flow of $11.7 million. The Gross Profit for Wholesale Segment decreased, while the Retail Segment saw an increase. Leverage increased to 4.49 times. The Distribution Coverage Ratio declined to 1.37 times. The company converted Applegreen lessee dealer locations to company operated sites. Quarterly distribution declared at $0.5250 per unit.
The Retail Segment showed an increase in Gross Profit and merchandise sales. The company successfully converted Applegreen lessee dealer locations to company operated sites. The Quarterly distribution remains stable at $0.5250 per partner unit.
CrossAmerica reported a Net Loss of $17.5 million in Q1 2024, with decreases in Adjusted EBITDA and Distributable Cash Flow. Leverage increased to 4.49 times, and the Distribution Coverage Ratio declined to 1.37 times. Wholesale Segment saw a decrease in Gross Profit, while the Retail Segment witnessed a decline in motor fuel Gross Profit.
Allentown, PA, May 08, 2024 (GLOBE NEWSWIRE) -- 
CrossAmerica Partners LP Reports First Quarter 2024 Results
- Reported First Quarter 2024 Net Loss of
$17.5 million that includes a$15.9 million loss on lease terminations with Applegreen, Adjusted EBITDA of$23.6 million and Distributable Cash Flow of$11.7 million compared to a Net Loss of$1.0 million , Adjusted EBITDA of$31.7 million and Distributable Cash Flow of$19.1 million for the First Quarter 2023 - Reported First Quarter 2024 Gross Profit for the Wholesale Segment of
$27.0 million compared to$31.2 million of Gross Profit for the First Quarter 2023 and First Quarter 2024 Gross Profit for the Retail Segment of$54.4 million compared to$50.8 million of Gross Profit for the First Quarter 2023 - Leverage, as defined in the CAPL Credit Facility, was 4.49 times as of March 31, 2024, compared to 4.21 times as of December 31, 2023
- The Distribution Coverage Ratio for the trailing twelve months ended March 31, 2024 was 1.37 times compared to 1.70 times for the comparable period of 2023
- Began conversions of Applegreen lessee dealer locations to company operated retail locations during First Quarter 2024, with all 59 locations converted to company operated locations early in the Second Quarter 2024
- The Board of Directors of CrossAmerica's General Partner declared a quarterly distribution of
$0.52 50 per limited partner unit attributable to the First Quarter 2024
Allentown, PA May 8, 2024 – CrossAmerica Partners LP (NYSE: CAPL) (“CrossAmerica” or the “Partnership”), a leading wholesale fuels distributor, convenience store operator, and owner and lessor of real estate used in the retail distribution of motor fuels, today reported financial results for the first quarter ended March 31, 2024.
“The first quarter was a difficult operating environment, with generally increasing fuel prices that resulted in lower margins along with industry wide lower overall demand for both fuel and merchandise. Our financial results for the quarter compared to the prior year reflect these challenges,” said Charles Nifong, President and CEO of CrossAmerica. “After the quarter end, we finished our conversion of the Applegreen lessee dealer locations to company operated retail locations, which we expect to be immediately accretive to our financial results. Despite a challenging quarter, our business fundamentals are strong and we are well positioned with both our operations and capital structure for continued success.”
Non-GAAP Measures and Same Store Metrics
Non-GAAP measures used in this release include EBITDA, Adjusted EBITDA, Distributable Cash Flow and Distribution Coverage Ratio. These Non-GAAP measures are further described and reconciled to their most directly comparable GAAP measures in the Supplemental Disclosure Regarding Non-GAAP Financial Measures section of this release.
Same store fuel volume and same store merchandise sales include aggregated individual store results for all stores that had fuel volume or merchandise sales in all months for both periods within the same segment. Same store merchandise sales excludes branded food sales and other revenues such as lottery commissions and car wash sales. Certain merchandise products have been transitioned from a gross profit model (whereby CrossAmerica owns the inventory and records sales and cost of sales) to a scan-based trading model (whereby a third party owns the inventory and CrossAmerica records a commission in other revenues). Same store merchandise sales for the three months ended March 31, 2024 was adjusted to gross it up for the sales that would have been recorded had CrossAmerica not changed models.
First Quarter Results
Consolidated Results
| Key Operating Metrics | Q1 2024 | Q1 2023 |
| Net Income | ( | ( |
| Operating Expenses | ||
| Adjusted EBITDA | ||
| Distributable Cash Flow | ||
| Distribution Coverage Ratio: Current Quarter | 0.59x | 0.96x |
| Distribution Coverage Ratio: Trailing 12 Months | 1.37x | 1.70x |
CrossAmerica reported declines in Net Income, Adjusted EBITDA and Distributable Cash Flow for the first quarter 2024 compared to the first quarter 2023. This was primarily driven by an overall decline in motor fuel gross profit associated with the movements of crude oil prices within the two periods and an increase in operating expenses primarily related to the conversion of certain lessee dealer and commission agent sites to company operated sites. This was partially offset by an increase in merchandise gross profit of
Wholesale Segment
| Key Operating Metrics | Q1 2024 | Q1 2023 | ||
| Wholesale segment gross profit | ||||
| Wholesale motor fuel gallons distributed | 184.0M | 201.9M | ||
| Average wholesale gross profit per gallon | $ | 0.079 | $ | 0.083 |
During the first quarter 2024, CrossAmerica’s wholesale segment gross profit decreased
Retail Segment
| Key Operating Metrics | Q1 2024 | Q1 2023 | ||||
| Retail segment gross profit | ||||||
| Retail segment motor fuel gallons distributed | 121.7M | 119.1M | ||||
| Same store motor fuel gallons distributed | 108.6M | 112.3M | ||||
| Retail segment motor fuel gross profit | ||||||
| Retail segment margin per gallon, before deducting credit card fees and commissions | $ | 0.308 | $ | 0.318 | ||
| Same store merchandise sales excluding cigarettes* | ||||||
| Merchandise gross profit* | ||||||
| Merchandise gross profit percentage* | 28.1 | % | 27.8 | % | ||
| Operating Expenses | ||||||
| Retail Sites (end of period) | 546 | 462 | ||||
*Includes only company operated retail sites
For the first quarter 2024, the retail segment generated a
The retail segment sold 121.7 million of retail fuel gallons during the first quarter 2024, which was an increase of
For the first quarter 2024, CrossAmerica’s merchandise gross profit and other revenue increased
For the first quarter 2024, operating expenses for the retail segment increased
Acquisition of Assets from Applegreen
On January 26, 2024, CrossAmerica entered into an agreement to acquire certain assets from Applegreen Midwest, LLC and Applegreen Florida, LLC. The assets were acquired via the termination of the Partnership’s existing lease agreements with the Applegreen entities at 59 locations, for total consideration of
Liquidity and Capital Resources
As of March 31, 2024, CrossAmerica had
Distributions
On April 22, 2024, the Board of the Directors of CrossAmerica’s General Partner (“Board”) declared a quarterly distribution of
Conference Call
The Partnership will host a conference call on May 9, 2024 at 9:00 a.m. Eastern Time to discuss the first quarter 2024 earnings results. The conference call numbers are 800-717-1738 or 646-307-1865 and the passcode for both is 253945. A live audio webcast of the conference call and the related earnings materials, including reconciliations of any non-GAAP financial measures to GAAP financial measures and any other applicable disclosures, will be available on that same day on the investor section of the CrossAmerica website (www.crossamericapartners.com). After the live conference call, an archive of the webcast will be available on the investor section of the CrossAmerica site at https://caplp.gcs-web.com/webcasts-presentations within 24 hours after the call for a period of sixty days.
CROSSAMERICA PARTNERS LP
CONSOLIDATED BALANCE SHEETS
(Thousands of Dollars, except unit data)
| March 31, | December 31, | |||||||
| 2024 | 2023 | |||||||
| ASSETS | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 6,278 | $ | 4,990 | ||||
| Accounts receivable, net of allowances of | 35,087 | 31,185 | ||||||
| Accounts receivable from related parties | 1,021 | 437 | ||||||
| Inventory | 58,037 | 52,344 | ||||||
| Assets held for sale | 4,641 | 400 | ||||||
| Current portion of interest rate swap contracts | 7,169 | 9,321 | ||||||
| Other current assets | 11,068 | 9,845 | ||||||
| Total current assets | 123,301 | 108,522 | ||||||
| Property and equipment, net | 692,728 | 705,217 | ||||||
| Right-of-use assets, net | 146,170 | 148,317 | ||||||
| Intangible assets, net | 90,422 | 95,261 | ||||||
| Goodwill | 99,409 | 99,409 | ||||||
| Deferred tax assets | 1,425 | 759 | ||||||
| Interest rate swap contracts, less current portion | 4,439 | 687 | ||||||
| Other assets | 21,579 | 23,510 | ||||||
| Total assets | $ | 1,179,473 | $ | 1,181,682 | ||||
| LIABILITIES AND EQUITY | ||||||||
| Current liabilities: | ||||||||
| Current portion of debt and finance lease obligations | $ | 3,133 | $ | 3,083 | ||||
| Current portion of operating lease obligations | 34,973 | 34,787 | ||||||
| Accounts payable | 71,490 | 68,986 | ||||||
| Accounts payable to related parties | 6,920 | 10,180 | ||||||
| Accrued expenses and other current liabilities | 24,570 | 23,674 | ||||||
| Motor fuel and sales taxes payable | 18,767 | 20,386 | ||||||
| Total current liabilities | 159,853 | 161,096 | ||||||
| Debt and finance lease obligations, less current portion | 795,755 | 753,880 | ||||||
| Operating lease obligations, less current portion | 116,351 | 118,723 | ||||||
| Deferred tax liabilities, net | 7,652 | 12,919 | ||||||
| Asset retirement obligations | 48,329 | 47,844 | ||||||
| Interest rate swap contracts | 1,139 | 3,535 | ||||||
| Other long-term liabilities | 52,212 | 52,934 | ||||||
| Total liabilities | 1,181,291 | 1,150,931 | ||||||
| Commitments and contingencies (Note 11) | ||||||||
| Preferred membership interests | 28,401 | 27,744 | ||||||
| Equity: | ||||||||
| Common units— 38,027,194 and 37,983,154 units issued and outstanding at March 31, 2024 and December 31, 2023, respectively | (39,616 | ) | (2,392 | ) | ||||
| Accumulated other comprehensive income | 9,397 | 5,399 | ||||||
| Total (deficit) equity | (30,219 | ) | 3,007 | |||||
| Total liabilities and equity | $ | 1,179,473 | $ | 1,181,682 | ||||
CROSSAMERICA PARTNERS LP
CONSOLIDATED STATEMENTS OF OPERATIONS
(Thousands of Dollars, Except Unit and Per Unit Amounts)
| Three Months Ended March 31, | ||||||||
| 2024 | 2023 | |||||||
| Operating revenues (a) | $ | 941,548 | $ | 1,016,159 | ||||
| Costs of sales (b) | 860,200 | 934,100 | ||||||
| Gross profit | 81,348 | 82,059 | ||||||
| Operating expenses: | ||||||||
| Operating expenses (c) | 52,028 | 45,623 | ||||||
| General and administrative expenses | 6,838 | 5,739 | ||||||
| Depreciation, amortization and accretion expense | 18,721 | 19,820 | ||||||
| Total operating expenses | 77,587 | 71,182 | ||||||
| Loss on dispositions and lease terminations, net | (16,806 | ) | (1,767 | ) | ||||
| Operating (loss) income | (13,045 | ) | 9,110 | |||||
| Other income, net | 249 | 261 | ||||||
| Interest expense | (10,541 | ) | (12,012 | ) | ||||
| Loss before income taxes | (23,337 | ) | (2,641 | ) | ||||
| Income tax benefit | (5,797 | ) | (1,662 | ) | ||||
| Net loss | (17,540 | ) | (979 | ) | ||||
| Accretion of preferred membership interests | 657 | 601 | ||||||
| Net loss available to limited partners | $ | (18,197 | ) | $ | (1,580 | ) | ||
| Net loss per common unit | ||||||||
| Basic | $ | (0.48 | ) | $ | (0.04 | ) | ||
| Diluted | $ | (0.48 | ) | $ | (0.04 | ) | ||
| Weighted-average common units: | ||||||||
| Basic | 37,994,285 | 37,940,332 | ||||||
| Diluted | 37,994,285 | 37,940,332 | ||||||
| Supplemental information: | ||||||||
| (a) includes excise taxes of: | $ | 70,713 | $ | 69,884 | ||||
| (a) includes rent income of: | 19,166 | 21,320 | ||||||
| (b) excludes depreciation, amortization and accretion | ||||||||
| (b) includes rent expense of: | 5,419 | 5,554 | ||||||
| (c) includes rent expense of: | 3,942 | 3,798 | ||||||
CROSSAMERICA PARTNERS LP
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Thousands of Dollars)
| Three Months Ended March 31, | ||||||||
| 2024 | 2023 | |||||||
| Cash flows from operating activities: | ||||||||
| Net loss | $ | (17,540 | ) | $ | (979 | ) | ||
| Adjustments to reconcile net loss to net cash provided by operating activities: | ||||||||
| Depreciation, amortization and accretion expense | 18,721 | 19,820 | ||||||
| Amortization of deferred financing costs | 483 | 1,848 | ||||||
| Credit loss expense | — | 37 | ||||||
| Deferred income tax benefit | (5,932 | ) | (2,056 | ) | ||||
| Equity-based employee and director compensation expense | 205 | 561 | ||||||
| Loss on dispositions and lease terminations, net | 16,806 | 1,767 | ||||||
| Changes in operating assets and liabilities, net of acquisitions | (6,927 | ) | (9,460 | ) | ||||
| Net cash provided by operating activities | 5,816 | 11,538 | ||||||
| Cash flows from investing activities: | ||||||||
| Principal payments received on notes receivable | 45 | 53 | ||||||
| Proceeds from sale of assets | — | 568 | ||||||
| Capital expenditures | (6,105 | ) | (6,001 | ) | ||||
| Lease termination payments to Applegreen, including inventory purchases | (19,904 | ) | — | |||||
| Net cash used in investing activities | (25,964 | ) | (5,380 | ) | ||||
| Cash flows from financing activities: | ||||||||
| Borrowings under revolving credit facilities | 49,000 | 187,400 | ||||||
| Repayments on revolving credit facilities | (6,740 | ) | (15,537 | ) | ||||
| Repayments on the Term Loan Facility | — | (158,980 | ) | |||||
| Payments of finance lease obligations | (744 | ) | (698 | ) | ||||
| Payments of deferred financing costs | (74 | ) | (6,906 | ) | ||||
| Distributions paid on distribution equivalent rights | (65 | ) | (56 | ) | ||||
| Distributions paid on common units | (19,941 | ) | (19,918 | ) | ||||
| Net cash provided by (used in) financing activities | 21,436 | (14,695 | ) | |||||
| Net increase (decrease) in cash and cash equivalents | 1,288 | (8,537 | ) | |||||
| Cash and cash equivalents at beginning of period | 4,990 | 16,054 | ||||||
| Cash and cash equivalents at end of period | $ | 6,278 | $ | 7,517 | ||||
Segment Results
Wholesale
The following table highlights the results of operations and certain operating metrics of the Wholesale segment (thousands of dollars, except for the number of distribution sites and per gallon amounts):
| Three Months Ended March 31, | ||||||||
| 2024 | 2023 | |||||||
| Gross profit: | ||||||||
| Motor fuel gross profit | $ | 14,603 | $ | 16,708 | ||||
| Rent gross profit | 11,439 | 13,255 | ||||||
| Other revenues | 920 | 1,247 | ||||||
| Total gross profit | 26,962 | 31,210 | ||||||
| Operating expenses | (8,897 | ) | (9,541 | ) | ||||
| Operating income | $ | 18,065 | $ | 21,669 | ||||
| Motor fuel distribution sites (end of period): (a) | ||||||||
| Independent dealers (b) | 624 | 643 | ||||||
| Lessee dealers (c) | 511 | 612 | ||||||
| Total motor fuel distribution sites | 1,135 | 1,255 | ||||||
| Average motor fuel distribution sites | 1,172 | 1,271 | ||||||
| Volume of gallons distributed | 184,025 | 201,861 | ||||||
| Margin per gallon | $ | 0.079 | $ | 0.083 | ||||
(a) In addition, CrossAmerica distributed motor fuel to sub-wholesalers who distributed to additional sites.
(b) The decrease in the independent dealer site count was primarily attributable to the net loss of contracts, partially offset by divestitures of certain lessee dealer sites but with continued fuel supply.
(c) The decrease in the lessee dealer count was primarily attributable to the conversion of certain lessee dealer sites to company operated sites, including through the Applegreen Acquisition, and CrossAmerica's real estate rationalization effort.
Retail
The following table highlights the results of operations and certain operating metrics of the Retail segment (in thousands, except for the number of retail sites):
| Three Months Ended March 31, | ||||||||
| 2024 | 2023 | |||||||
| Gross profit: | ||||||||
| Motor fuel | $ | 26,036 | $ | 26,760 | ||||
| Merchandise | 21,443 | 18,123 | ||||||
| Rent | 2,308 | 2,511 | ||||||
| Other revenue | 4,599 | 3,455 | ||||||
| Total gross profit | 54,386 | 50,849 | ||||||
| Operating expenses | (43,131 | ) | (36,082 | ) | ||||
| Operating income | $ | 11,255 | $ | 14,767 | ||||
| Retail sites (end of period): | ||||||||
| Company operated retail sites (a) | 343 | 268 | ||||||
| Commission agents (b) | 203 | 194 | ||||||
| Total system sites at the end of the period | 546 | 462 | ||||||
| Total retail segment statistics: | ||||||||
| Volume of gallons sold | 121,717 | 119,085 | ||||||
| Same store total system gallons sold(c) | 108,573 | 112,259 | ||||||
| Average retail fuel sites | 514 | 457 | ||||||
| Margin per gallon, before deducting credit card fees and commissions | $ | 0.308 | $ | 0.318 | ||||
| Company operated site statistics: | ||||||||
| Average retail fuel sites | 315 | 258 | ||||||
| Same store fuel volume(c) | 72,948 | 74,777 | ||||||
| Margin per gallon, before deducting credit card fees | $ | 0.327 | $ | 0.341 | ||||
| Same store merchandise sales(c) | $ | 61,522 | $ | 61,268 | ||||
| Same store merchandise sales excluding cigarettes(c) | $ | 42,267 | $ | 41,334 | ||||
| Merchandise gross profit percentage | 28.1 | % | 27.8 | % | ||||
| Commission site statistics: | ||||||||
| Average retail fuel sites | 199 | 198 | ||||||
| Margin per gallon, before deducting credit card fees and commissions | $ | 0.267 | $ | 0.273 | ||||
(a) The increase in the company operated site count was primarily attributable to the conversion of certain lessee dealer and commission agent sites to company operated sites.
(b) The increase in the commission agent site count was primarily attributable to the conversion of certain lessee dealer sites to commission agent sites, partially offset by the conversion of certain commission agent sites to company operated sites.
(c) Same store fuel volume and same store merchandise sales include aggregated individual store results for all stores that had fuel volume or merchandise sales in all months for both periods. Same store merchandise sales excludes branded food sales and other revenues such as lottery commissions and car wash sales. Certain merchandise products have been transitioned from a gross profit model (whereby CrossAmerica owns the inventory and records sales and cost of sales) to a scan-based trading model (whereby a third party owns the inventory and CrossAmerica records a commission in other revenues). Same store merchandise sales for the three months ended March 31, 2024 was adjusted to gross it up for the sales that would have been recorded had CrossAmerica not changed models.
Supplemental Disclosure Regarding Non-GAAP Financial Measures
CrossAmerica uses the non-GAAP financial measures EBITDA, Adjusted EBITDA, Distributable Cash Flow and Distribution Coverage Ratio. EBITDA represents net income before deducting interest expense, income taxes and depreciation, amortization and accretion (which includes certain impairment charges). Adjusted EBITDA represents EBITDA as further adjusted to exclude equity-based compensation expense, gains or losses on dispositions and lease terminations, net and certain discrete acquisition related costs, such as legal and other professional fees, separation benefit costs and certain other discrete non-cash items arising from purchase accounting. Distributable Cash Flow represents Adjusted EBITDA less cash interest expense, sustaining capital expenditures and current income tax expense. The Distribution Coverage Ratio is computed by dividing Distributable Cash Flow by distributions paid.
EBITDA, Adjusted EBITDA, Distributable Cash Flow and Distribution Coverage Ratio are used as supplemental financial measures by management and by external users of our financial statements, such as investors and lenders. EBITDA and Adjusted EBITDA are used to assess CrossAmerica’s financial performance without regard to financing methods, capital structure or income taxes and the ability to incur and service debt and to fund capital expenditures. In addition, Adjusted EBITDA is used to assess the operating performance of the Partnership’s business on a consistent basis by excluding the impact of items which do not result directly from the wholesale distribution of motor fuel, the leasing of real property, or the day to day operations of CrossAmerica’s retail site activities. EBITDA, Adjusted EBITDA, Distributable Cash Flow and Distribution Coverage Ratio are also used to assess the ability to generate cash sufficient to make distributions to CrossAmerica’s unitholders.
CrossAmerica believes the presentation of EBITDA, Adjusted EBITDA, Distributable Cash Flow and Distribution Coverage Ratio provides useful information to investors in assessing the financial condition and results of operations. EBITDA, Adjusted EBITDA, Distributable Cash Flow and Distribution Coverage Ratio should not be considered alternatives to net income or any other measure of financial performance or liquidity presented in accordance with U.S. GAAP. EBITDA, Adjusted EBITDA, Distributable Cash Flow and Distribution Coverage Ratio have important limitations as analytical tools because they exclude some but not all items that affect net income. Additionally, because EBITDA, Adjusted EBITDA, Distributable Cash Flow and Distribution Coverage Ratio may be defined differently by other companies in the industry, CrossAmerica’s definitions may not be comparable to similarly titled measures of other companies, thereby diminishing their utility.
The following table presents reconciliations of EBITDA, Adjusted EBITDA, and Distributable Cash Flow to net income, the most directly comparable U.S. GAAP financial measure, for each of the periods indicated (in thousands, except for per unit amounts):
| Three Months Ended March 31, | ||||||||
| 2024 | 2023 | |||||||
| Net loss | $ | (17,540 | ) | $ | (979 | ) | ||
| Interest expense | 10,541 | 12,012 | ||||||
| Income tax benefit | (5,797 | ) | (1,662 | ) | ||||
| Depreciation, amortization and accretion expense | 18,721 | 19,820 | ||||||
| EBITDA | 5,925 | 29,191 | ||||||
| Equity-based employee and director compensation expense | 205 | 561 | ||||||
| Loss on dispositions and lease terminations, net (a) | 16,806 | 1,767 | ||||||
| Acquisition-related costs (b) | 632 | 219 | ||||||
| Adjusted EBITDA | 23,568 | 31,738 | ||||||
| Cash interest expense | (10,058 | ) | (10,163 | ) | ||||
| Sustaining capital expenditures (c) | (1,642 | ) | (2,049 | ) | ||||
| Current income tax expense (d) | (137 | ) | (394 | ) | ||||
| Distributable Cash Flow | $ | 11,731 | $ | 19,132 | ||||
| Distributions paid on common units | 19,941 | 19,918 | ||||||
| Distribution Coverage Ratio (a) | 0.59x | 0.96x | ||||||
(a) During the three months ended March 31, 2024, CrossAmerica recorded a
(b) Relates to certain acquisition-related costs, such as legal and other professional fees, separation benefit costs and purchase accounting adjustments associated with recent acquisitions.
(c) Under the Partnership Agreement, sustaining capital expenditures are capital expenditures made to maintain CrossAmerica's long-term operating income or operating capacity. Examples of sustaining capital expenditures are those made to maintain existing contract volumes, including payments to renew existing distribution contracts, or to maintain the sites in conditions suitable to lease, such as parking lot or roof replacement/renovation, or to replace equipment required to operate the existing business.
(d) Excludes income tax incurred on the sale of sites.
About CrossAmerica Partners LP
CrossAmerica Partners LP is a leading wholesale distributor of motor fuels, convenience store operator, and owner and lessee of real estate used in the retail distribution of motor fuels. Its general partner, CrossAmerica GP LLC, is indirectly owned and controlled by entities affiliated with Joseph V. Topper, Jr., the founder of CrossAmerica Partners and a member of the board of the general partner since 2012. Formed in 2012, CrossAmerica Partners LP is a distributor of branded and unbranded petroleum for motor vehicles in the United States and distributes fuel to approximately 1,700 locations and owns or leases approximately 1,100 sites. With a geographic footprint covering 34 states, the Partnership has well-established relationships with several major oil brands, including ExxonMobil, BP, Shell, Marathon, Valero, Phillips 66 and other major brands. CrossAmerica Partners LP ranks as one of ExxonMobil’s largest distributors by fuel volume in the United States and in the top 10 for additional brands. For additional information, please visit www.crossamericapartners.com.
Contact
Investor Relations: Randy Palmer, rpalmer@caplp.com or 610-625-8000
Cautionary Statement Regarding Forward-Looking Statements
Statements contained in this release that state the Partnership’s or management’s expectations or predictions of the future are forward-looking statements. The words “believe,” “expect,” “should,” “intends,” “estimates,” “target” and other similar expressions identify forward-looking statements. It is important to note that actual results could differ materially from those projected in such forward-looking statements. For more information concerning factors that could cause actual results to differ from those expressed or forecasted, see CrossAmerica’s Form 10-K or Forms 10-Q filed with the Securities and Exchange Commission, and available on CrossAmerica’s website at www.crossamericapartners.com. The Partnership undertakes no obligation to publicly update or revise any statements in this release, whether as a result of new information, future events or otherwise.
FAQ
What was CrossAmerica Partners LP's Net Loss in Q1 2024?
What was the Gross Profit for the Wholesale Segment in Q1 2024?
What was the Retail Segment's Gross Profit in Q1 2024?
What was the Distribution Coverage Ratio for the trailing twelve months ended March 31, 2024?
What was the quarterly distribution declared by CrossAmerica's General Partner for Q1 2024?
